Silicon Valley Bank's collapse has rippled across evert major banking hub except for China's. This is because of China's unique banking structure which emphases heavy state oversight and control while minimizing cross border connections with advanced economies
The Great Recession also forced the CCP to reassess the model it would structure its financial system around. The crisis revealed a more volatile and risky face of Western banking. Leading government-affiliated scholars became increasingly skeptical of a market approach to finance, which they saw as driving financial instability in the United States and Europe.
“Seeking truth from facts,” as Deng himself said.
These policy choices have led to a financial system with more immunity to the problems facing the United States and Europe… But that protection comes with its own costs.
“Seeking truth from facts,” as Deng himself said.
Every single time, lol
Sure your economy is stable… but our billionaires are making a killing right now and yours aren’t 😏
“Nice of you to mention “billionaires” and “killing” in one sentence, because yes, something like that is happening”